Private sector lender Yes Bank Tuesday said it has raised $400 million (approx Rs 28.94 billion) through syndicated loan facility, borrowed out of its IFSC Banking Unit (IBU) in Gujarat International Finance Tec City (GIFT).

The bank said this amount will be utilised to support the IBU's growing business.

"The bank has tied up a three-year loan facility in a syndication led by Bayerische Landesbank, Commerzbank, CTBC Bank, First Abu Dhabi Bank PJSC, Korea Development Bank, State Bank of India, United Overseas Bank Ltd and Westpac Banking Corporation, ensuring representation from a diverse set of countries across Europe, Middle East, Asia and Asia-Pacific," Yes Bank said in a statement.

Yes Bank Managing Director and CEO Rana Kapoor said the $400 million loan syndication reinforces the bank's ability to raise substantial foreign currency resources through various product instruments at a competitive price.

"Yes Bank's IBU has crossed $3 billion balance sheet within three years of starting operations at GIFT City....we remain committed to expanding our international operations, as well as deepening our offerings," he added.

The bank had also recently raised $400 million through two syndicated loan transactions in Taiwan and Japan, comprising of $250 million from Taiwanese banks and JPY 16.5 billion ($150 million) from Japan in November, 2017 followed by a $300 million syndicated loan transaction completed in July 2018 which saw subscription from eight banks.